Net Income (Loss) Per Share and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Calculation of basic and diluted earnings per share

Basic and diluted net income (loss) per share for 2016, 2015 and 2014 were calculated as follows (in millions of dollars, except share and per share amounts):



	Year Ended December 31,
	2016		2015			2014
Numerator:
Net income (loss)	$	91.7	$	(236.6	)	$	71.8
Denominator – Weighted-average common shares outstanding (in thousands):
Basic¹	17,813		17,201			17,818
Add: dilutive effect of non-vested common shares, restricted stock units and performance shares	220		—			179
Add: dilutive effect of warrants²	—		—			596
Diluted³	18,033		17,201			18,593

Net income (loss) per common share, Basic:	$	5.15	$	(13.76	)	$	4.02
Net income (loss) per common share, Diluted:	$	5.09	$	(13.76	)	$	3.86

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^1.	The basic weighted-average number of common shares outstanding during the periods presented excludes non-vested common shares, restricted stock units and performance shares.

^2.

Net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional common shares of our common stock were outstanding at December 31, 2014 at an exercise price of approximately $60.70 per share, and were settled during a period from July 1, 2015 through December 18, 2015. In total, we issued 1,015,185 shares of our common stock in connection with the Warrants and paid a de minimis amount in cash to the holders for fractional shares at the end of the settlement period.


^3.	The diluted weighted-average number of common shares outstanding during the periods presented was calculated using the treasury method.

Schedule of securities excluded from weighted-average diluted shares

The following securities were excluded from the weighted-average diluted shares computation for 2016, 2015 and 2014 as their inclusion would have been anti-dilutive (in thousands of shares):



	Year Ended December 31,
	2016	2015	2014
Options to purchase common shares	—	—	17
Non-vested common shares, restricted stock units and performance shares	50	302	—
Warrants	—	639	—
Total excluded	50	941	17

Treasury Stock

Repurchases of our common stock pursuant to the stock repurchase program is recorded as Treasury stock and consisted of the following for each period presented:



	Year Ended December 31,
	2016		2015		2014
Number of common shares repurchased	443,838		647,520		633,230
Weighted-average repurchase price (dollars per share)	$	78.59	$	76.35	$	70.87
Total cost of repurchased common shares (in millions of dollars)	$	34.9	$	49.4	$	44.9